In order to boost the Australian economy and generate business opportunities, the Australian government is planning to introduce a visa that will allow migrants to settle in the country and set up a business of their own. The current SA rules are such that it does attract migrants for business opportunities but lacks on keeping them in the system.
By fostering business growth in Australia, job opportunities will also be created which will booth the economic growth and standard of living. Under the suggested scheme, the foreign entrepreneurs will be allowed to set up business in Australia with an innovative idea. The primary condition of this is that the business plan has to be supportive. That shall be provided to the candidate temporarily at first. The current entrepreneur visa requires one to have the mandatory capital backing of $200,000 which shall not be the case with the new one.
Entrepreneurs who will be successful in setting up a business in Australia shall also become eligible for a permanent residency in Australia. Some other details as told by the South Australian Liberal leader Steven Marshall suggest that the applicant must be below 45 years of age and shall have vocational level English which is band 5 in every four components of the International English Language Testing Service (IELTS).
The visa shall definitely give encouragement to the migrants who are seeking a business opportunity with Australia.